Cisco acquiring cybersecurity company Splunk in cash deal worth $28 billion

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Cisco said it Thursday was acquiring cybersecurity software company Splunk for $157 a share in a cash deal worth about $28 billion.

Splunk shares, which last closed at $119.59 a share, were halted. Cisco lost 4% in premarket trading.

“From threat detection and response to threat prediction and prevention, we will help make organizations of all sizes more secure and resilient,” Cisco chair and CEO Chuck Robbins said in a statement.

Splunk is a cybersecurity company that helps enterprises monitor and analyze their data to minimize the risk of hacks and resolve technical issues faster.

This is breaking news. Please check back for updates.